All content of David Marchant

Anchor Underwriting wins Paumanock run-off contract, claims Spencer-Arscott

December 2, 1992

Anchor Underwriting Managers has won a contract to run off its main client, Paumanock Insurance, Anchor chairman and chief executive officer Robin Spencer-Arscott revealed last night."Contrary to reports, I'm happy to say that we'll be handling the Paumanock run off," said Mr Spencer-Arscott.

Anchor facing job losses

November 26, 1992

Anchor Underwriting chief Robin Spencer-Arscott is this week fighting to save jobs after the company was put on notice that Paumanock Insurance, its biggest underwriting account, is going into run off.Anchor, one of Bermuda's leading underwriting managers, has 27 staff, many of them working on Paumanock business.

Paumanock goes into run-off

November 25, 1992

Paumanock Insurance Company Ltd, the Bermuda-based reinsurance subsidiary of the Grumman Corporation, has ceased underwriting and is to go into run off.No official reason has been given for the move which sent shockwaves through the island's insurance community. However, it is believed that Grumman is preparing to sell the Bermuda subsidiary.

David Thirkill speaks of relief after Bermuda court strikes out negligence action

November 25, 1992

Former Focus Insurance director David Thirkill is feeling "relieved and vindicated" in the wake of an Appeal Court decision striking out a $20 million civil action started against him by Focus liquidators.The liquidators began the action in the summer of 1990 when they sued Focus' directors and officers for willful negligence and breach of fiduciary duty.The Appeal Court decision, handed down on Monday, overturns a ruling by Chief Justice Sir James Astwood who this year refused to dismiss the suit, ruling that it contained assertions which, if proved at trial, would show the directors deliberately disregarded their duties.

Mentor creditors discuss ‘scheme of arrangement’

November 10, 1992

Mentor Insurance creditors met on November 13 to review the workings of a proposed "scheme of arrangement" designed to put Bermuda's biggest ever insolvency on course for completion by the end of 1994 and its creditors in line for a further 15 cents in the dollar.

Mentor liquidators enter ‘home stretch’

November 10, 1992

Mentor Insurance creditors will today review the workings of a proposed "scheme of arrangement" designed to put Bermuda's biggest ever insolvency on course for completion by the end of 1994 and creditors in line for a further 15 cents in the dollar.

Mid Ocean about to open doors

October 15, 1992

Mid Ocean Reinsurance Company is on the verge of announcing not whether it will open its doors for business, but when.

Mark Hardy fights committal proceedings

September 21, 1992

Focus Insurance Company chairman Mark Hardy is fighting committal proceedings for alleged contempt of court.Focus liquidators David Lines and Peter Mitchell have begun an action to have Mr Hardy jailed or to receive "other punishment as the court may deem fit" for violating injunctions restricting the use of Mr Hardy's personal assets.

Mark Hardy faces contempt of court proceedings

September 17, 1992

Insurance group chief Mark Hardy is fighting committal proceedings for alleged contempt of court.Liquidators David Lines and Peter Mitchell have begun an action to have Mr Hardy jailed or to receive "other punishment as the court may deem fit".

Mid Ocean close to opening

September 8, 1992

Mid Ocean Reinsurance, the proposed new $300 million property catastrophe reinsurer being organised in Bermuda, is close to becoming a reality.

Petrosurance Casualty seeks judgment against Mark Hardy

July 7, 1992

Petrosurance Casualty Company is seeking a declaratory judgement against its former director Mark G Hardy in connection with financial liabilities he allegedly incurred on its behalf.

Mark Hardy loses fight to have Bermuda lawsuit struck out

July 2, 1992

Bermuda Supreme Court has refused to grant businessman Mark Hardy leave to appeal its dismissal of his application to strike out an action against him by the liquidators of Focus Insurance.

Energy Insurance forms Bermuda rent-a-captive

June 17, 1992

Energy Insurance Mutual Ltd., the Barbados-domiciled electric and gas utility excess liability insurer, is forming what has been described as a rent-a-captive-style Bermuda subsidiary to underwrite the "various and sundry" risks of its 104 member utilities.

Six defendants added to Focus Insurance lawsuit in Bermuda

May 20, 1992

Six new defendants who have been added to a suit against the former directors and officers of Bermuda-based Focus Insurance Ltd are not being accused of willful negligence or breach of fiduciary duty - the central allegations in the civil complaint now being brought by Focus' liquidators David Lines and Peter Mitchell.

Norad Re liquidators announce second dividend

April 15, 1992

Norad Reinsurance liquidators have announced a second dividend of six cents in the dollar.David Brown, one of two joint liquidators, says he aims to begin paying the $2.5 million cash distribution next week to Norad's 125 creditors.

Independence Insurance stops writing new business

April 9, 1992

Bermuda-based financial reinsurer, Independence Insurance Co Ltd has stopped writing new or renewal business and is asking policyholders whether they wish to commute or novate existing contracts or have them run off.

Brokers collect $5 m for Aneco liquidation fund

March 31, 1992

London Market brokers have collected more than $5 million for the account of the insolvent Bermuda-based Aneco Reinsurance Underwriting Ltd, the first meeting of Aneco creditors was told in Bermuda March 26.However the funds are subject to a "mareva injunction" freezing all Aneco's assets in the United Kingdom, according to provisional liquidator Malcolm Butterfield.

Hardy fails to block appointment of Aneco liquidators

March 26, 1992

Aneco Reinsurance creditors have formally rejected an attempt by Aneco chairman Mark Hardy to block the appointment of liquidators from the accounting firm of Coopers and Lybrand. Attending their first meeting yesterday at the Chamber of Commerce, they voted overwhelmingly that C&L's Peter Mitchell and Christopher Hughes be named joint liquidators of Aneco - formerly one of the leading underwriters of captive reinsurance business in Bermuda.

Norad insolvent by $34.6 m

February 4, 1992

Norad Reinsurance Company is insolvent by almost $34.6 million according to liquidators' latest statistics released to approximately 100 creditors last week.The figure represents the estimated size of the net deficiency of assets to meet total liabilities of just under $37.6 million. But liquidator David Brown says efforts to collect outstanding amounts from Norad's reinsurers are by no means over and could yet help swell the Norad estate by the best part of a million dollars.

NFL teams sued over mutual insurer

January 9, 1992

The Dallas Cowboys, the San Francisco 49ers, the LA Rams and six other NFL teams are being sued for at least $14.5 million by Bermuda liquidators working on the winding-up of the insolvent mutual N.F.L. Insurance Ltd (NFLIL).Liquidators David Lines and Peter Mitchell claim that the defendants, who were all members of the mutual, are jointly and severally liable to NFLIL for the as yet indeterminate cost of winding it up and for the mutual insurer's debts and liabilities of more than $14.5 million.

New mood of optimism in Mentor liquidation

December 16, 1991

For the first time since their appointment in the summer of 1985, Mentor Insurance liquidators have detected a dim ray of light coming from what they hope will prove to be the end of a very long tunnel.

Aneco Re Chairman to sue

December 12, 1991

Aneco Reinsurance Underwriting Ltd chairman Mark Hardy has instructed his lawyers to commence legal proceedings against the underwriters, cedants and brokers responsible for handling Aneco's property catastrophe book of business. The action, to be brought either in Bermuda or in London, will seek damages in connection with the underwriting and placement of this business with Aneco.

Aneco wins appeal against wind-up petition

December 2, 1991

Aneco Reinsurance Underwriting Ltd, the beleaguered Bermuda-based reinsurer which is fighting three separate applications to have it placed in liquidation, has won an appeal, on technical grounds, against a winding-up petition started six months ago by Mutual Indemnity Ltd.But the Bermuda Appeal Court's decision, handed down November 28, is already the subject of intense legal scrutiny which may yet produce an appeal to Britain's Privy Council - the highest court of appeal for litigants in the UK's dependent territories.